Vietnam plans billion-dollar railway systems to unclog traffic
08-OCT-2008 Intellasia | AP
Oct 8, 2008 - 7:00:00 AM
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Vietnam plans to build two new railway systems in Hanoi and HCM City at the cost of nearly US$15 billion, hoping to help ease the overloaded traffic system in the country's two booming cities, the government announced Monday.
Half of the amount will be spent on building tramways for sky trains and subways in Hanoi. The other half will be invested in constructing urban railways and metro in Vietnam's southern hub of HCM City, the government said in a report posted on its Web site.
Prime minister Nguyen Tan Dung recently approved the project and instructed officials to prepare for the project and to begin looking for funds.
Of the total investment, some US$12 billion is to be raised from foreign sources including official development assistance for Vietnam, according to the announcement.
The projects are expected to be completed in 2020, the Web site said.
"We are working on the plan with more details on how and where to seek fundings," said an official with the government office who declined to give his name citing policy.
Vietnam is undertaking many projects to improve its transportation system so that it can keep up with the country's booming economy, one of the fastest-growing in Asia.
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